Former Dresdner Kleinwort banker Christian Littlewood and his wife Angie have
been handed a record £1.5m confiscation order relating to their insider
dealing convictions.

The pair were ordered by the Financial Services Authority to pay £767,000 each or face an extra three years on their sentences. Christian Littlewood was jailed for three years four months. His wife was given a one year suspended sentence. A third accomplice Helmy Omar Sa’aid, jailed for two years for his part in the scam, was previously ordered to pay £640,000.

The Littlewoods used cash from the illegal trades to buy a string of properties in Hampstead. The illegal gains came on top of Littlewood’s £1.5m annual pay as an investment banker with Dresdner.

Tracey McDermott, director of enforcement and financial crime said: “Insider dealers are motivated by greed and a belief that they can make easy money at the expense of others. A key part of our strategy is to ensure that those who are convicted of insider dealing do not keep their ill-gotten gains.

“As a result of their actions the Littlewoods have not only received custodial sentences and seen their reputations and future careers destroyed they have also paid a sum in confiscation significantly greater than the profit from the indicted trading alone.”

The total £2.6m confiscation order related to both the eight deals the trio were convicted for insider dealing on and other trades believed to have been fraudulent but which were not part of the case.